The City of Edinburgh Council today (Thursday 3 October) welcomed the
news that the Financial Conduct Authority (FCA) is proposing tougher
regulation on payday lenders.

Councillor
Bill Cook, the city’s Finance & Budget Vice-Convener, said: “It is good to
see that the FCA are taking the issue of irresponsible payday lending seriously
and the proposals they have published are a step in the right direction towards
ensuring that our most vulnerable in society are not taken advantage of by
companies looking to make easy money. Of course there will always be a need for
payday lending but it’s about ensuring that money is lent responsibly and
people are made aware that there are alternative ways to get a short-term loan.

"In Edinburgh, the Council has been working closely with Credit Unions to see
how they can provide a viable, alternative option to payday lending. In a
climate of economic uncertainty it’s imperative that people understand that
there are other ways to borrow money, with lower interest rates and an ethical
approach to repayment that isn’t profit driven. We will continue to work with
Credit Unions going forward to ensure that in the future people looking for s
short-term loan have a wide range of options available to them.”